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PwC UK FS Tax Forum - Brexit, tax policy and politics: The impact on the Financial Services operating model - Why data and disruption will change tax forever

PwC’s FS Tax Forum, held in London on 20 November, considered how the disruption of the financial services industry by new technologies could affect its tax profile. Disruption has become a fact of life for financial services companies, whether in banking, insurance or asset and wealth management. Delegates to PwC’s Tax Forum were under no illusions about the transformation to come: in a poll conducted at the event, 88% said they expected technology to change the operating model of their businesses either moderately or significantly in the years ahead. But as the industry’s value proposition begins to shift, what will that mean for the way in which value is taxed?

PwC UK FS Tax Forum: Brexit, tax policy and politics: The impact on the Financial Services operating model - The future of tax

At PwC’s FS Tax Forum, held in London on 20 November, delegates looked ahead as the pace of change in tax continues to accelerate After a decade of change, spanning everything from a new base erosion profit shifting (BEPS) regime and heightened transparency requirements, to US tax reform and the emergence of the EU as a key player in setting international standards, the tax functions of financial services businesses could be forgiven for thinking they’re due a break. No such luck: the next few years will see yet more transformation for both direct and indirect tax systems – and firms must be prepared for this change. Delegates to PwC’s tax forum are not expecting to rest on their laurels. While most do not expect fundamental international tax reform in the near future, 67% are anticipating further reforms in the years ahead – and two-thirds of them worry such changes are likely to be for the worse for their firms.

PwC UK FS Tax Forum: Brexit, tax policy and politics: The impact on the Financial Services operating model

Has the financial services industry reached an inflection point? If the 10 years since the financial crisis could be characterised as the decade of regulation, then the 10 years to come will be the decade of digitalisation. Everywhere you look within financial services, disruption is the order of the day: across the industry, businesses are rethinking their business models – and their core value propositions – as new technologies offer exciting new opportunities and create new threats.

Fresh thinking for changing times

Fresh thinking for changing times

The Asset and Wealth Management industry is of crucial importance and is rapidly changing...but with change comes opportunity.

US tax reform – How are asset and wealth managers reacting?

The flyer highlights what the US tax reforms mean at a practical level for asset manageres. What does it mean for asset manager US operations’ locations; legal form; compensation structures, and debt in US deal structuring? Hopefully our article helps guide you through the changes and this will also be the focus of one of our upcoming conference sessions.

Year-end employer tax compliance

With the end of the tax year having now passed, along with the first of the year-end employer deadlines, we want to take the opportunity to remind you of your remaining obligations and deadlines.

Pensions and Savings

The need for Trustees to properly consider the mitigation of tax leakage is now perhaps more pressing than ever before. This hub brings together the current hot topics and tax matters affecting pension schemes and savings products in the UK.

US Tax Reform

US Tax Reform could give rise to sweeping, complex changes for companies with a US footprint. To help you stay informed, we'll be updating this hub with all the latest comments and analysis as the situation develops.

The changing transfer pricing landscape

Over the last few years, the transfer pricing and more widely the international tax landscape have seen historic changes that have created significant uncertainty for asset managers. This is due to legislative and regulatory changes as well as the prevailing economic circumstances.

Brexit - how prepared is your business?

Asset and wealth managers operating across the EU must now begin to implement their plans to respond to the formal triggering of Article 50. Firms are considering possible worst-case scenario outcomes, what that would mean for their business and what no-regrets actions can be prioritised.